Gansu Agricultural and Commercial Bank Approved to Commence Operations with Registered Capital of 44.919 Billion Yuan

On March 20, the Gansu Regulatory Bureau of the China Banking and Insurance Regulatory Commission approved the opening of Gansu Rural Commercial Bank Co., Ltd. and its branches. The newly opened institutions will be supervised locally by the dispatched agencies of the National Financial Regulatory Administration.

The approval confirms that Gansu Rural Commercial Bank Co., Ltd., abbreviated as Gansu Rural Bank, has a registered capital of 44.919 billion RMB. Its equity structure is as follows: 25,101 individual shareholders, subscribing to 12.124 billion shares, accounting for 26.99% of total shares; 327 corporate shareholders, subscribing to 32.794 billion shares, accounting for 73.01%. Among these, Gansu Financial Holding Group Co., Ltd. holds 24 billion shares (53.43%), and Jinchuan Group Co., Ltd. holds 3 billion shares (6.68%).

The approval also authorizes the appointment of Wang Wenyong, Chen Jinhui, Li Zhenyu, Yu Wenbao, and Liu Ningli as directors of Gansu Rural Bank; approves the qualifications of independent directors Dong Ximiao, Han Bao, and Luo Jinbo; approves the appointment of Sun Jianhua as employee director; approves Li Xiaomin as Secretary of the Board; approves Chen Jinhui as President (also serving as Chief Compliance Officer); approves the qualifications of Vice Presidents Qi Xingdu, Bian Haihe, Wang Xiaojun, and Qian Lei; approves Zhao Yingzhong as Risk Director; approves Li Xiaotong as Chief Financial Officer; and approves Yin Jinliang as Business Director.

Additionally, the approval confirms the dissolution of 66 related institutions involved in restructuring, including the Gansu Provincial Rural Credit Cooperative Union, with related claims and debts inherited by Gansu Rural Commercial Bank Co., Ltd. These dissolved institutions must return their financial licenses to the issuing authority within 15 days of receiving the administrative license decision and handle relevant procedures according to applicable laws and regulations.

Within 15 days of receiving the administrative license decision, relevant materials must be submitted to the local dispatched agency of the National Financial Regulatory Administration to obtain the financial license. The license holder must then register with the market supervision authority, obtain a business license, and complete related procedures. Within one month after completing these steps, a written report on the opening status must be submitted to the bureau.

Gansu Rural Commercial Bank Co., Ltd. must commence operations within six months of receiving the business license. If unable to open on time, a one-time extension request must be submitted to the bureau at least one month before the deadline. The extension cannot exceed three months. If the bank fails to open within the specified period, this administrative license decision will become invalid, the financial license will be revoked, and an announcement will be made.

(China Banking and Insurance Regulatory Commission)

(Edited by: Qian Xiaorui)

Keywords: